Yaşar Güler appointed as Turkey's new Chief of Staff

Turkish President Recep Tayyip Erdogan leaves his seat to address members of parliament from his ruling party in Ankara Turkey

Recep Tayyip Erdogan, the president of Turkey, was just sworn into office for another five-year term.

Turkey's incoming finance minister, the son-in-law of President Recep Tayyip Erdogan, on Tuesday vowed to bring inflation down to single digits as he seeks to win over investors spooked by his appointment.

The lira, which has lost almost a fifth of its value against the dollar this year, dropped almost 3 per cent to 4.74 to the USA currency after the cabinet announcement. Hours later, Erdogan announced the make-up a new streamlined cabinet which included his son-in-law as finance minister.

The lira currency, which has been battered this year by concerns about President Tayyip Erdogan's drive for greater control over monetary policy, declined after the changes were published.

The changes are the result of a bitterly fought referendum in 2017, where Mr Erdogan campaigned for a Yes vote and won narrowly amid allegations of vote rigging.

"We, as Turkey and as the Turkish people, are making a new start here today", he told the dignitaries and thousands of guests.

"The pace at which he (Erdogan) is moving to tighten his grip is alarming and, in response, Turkish financial assets have come under pressure", said Jason Tuvey, senior emerging markets economist at Capital Economics, in a note to clients.

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The service period for the chief of staff will be four years.

Current Foreign Minister Mevlut Cavusoglu could, in theory, continue in his job but reports have said Erdogan may choose his spokesman, Ibrahim Kalin, or even spy chief Hakan Fidan to succeed him.

"We are embarking on this road by using this opportunity as best we can for a strong parliament, strong government and strong Turkey", he said. The role of prime minister has also been eliminated, and the president will now be able to pick his own Cabinet. Erdogan has described the consolidation as a means to eliminate governmental inefficiency, and his base views his consolidation of authority as a deserved outcome for a leader who has instilled Islamic values in public life, according to Reuters.

Turkish Prime Minister Binali Yildirim will on Monday go down in history as the 27th and final holder of a post that has existed since Mustafa Kemal Ataturk founded modern Turkey, and whose origins date back to the Ottoman Empire. Marc Pierini, a former European Union ambassador to Turkey and a visiting scholar at Carnegie Europe, said Erdogan's new powers would effectively make him a "super-executive president".

The event at parliament in the capital, Ankara, concludes the country's transition from a parliamentary system to an executive presidency, in line with the constitutional changes approved in a referendum previous year. "In other words, Turkey will be an institutionalized autocracy".

Erdogan would become both the head of state and government, with the prime minister's post abolished. In 2016, a coup to depose him failed. Those times have already arrived, with the economic boom he's presided over threatening to turn into a bust, and a crackdown on dissent gaining new momentum.

Scrapping the term would remove a shield that helps ensure the bank's independence from politicians, former central banker Ugur Gurses said.

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